HWAY vs KONG
Themes US Infrastructure ETF vs Formidable Fortress ETF
Which is better, HWAY or KONG?
HWAY has been ahead.
HWAY has a lower expense ratio. HWAY led over 1Y and the full window. HWAY is less concentrated, with 42.8% of the fund in its ten largest positions against 43.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HWAY | KONG |
|---|---|---|
| Expense Ratio | 0.29%Best | 0.89% |
| AUM | $4M | $23M |
| Dividend Yield | 1.05% | 0.34% |
| Holdings | 197 | 106 |
| Volatility (annualized) | 21.0% | 9.2%Best |
| Max Drawdown | -25.8% | -15.5%Best |
| $10,000 over 1.9 years | $15,378Best | $11,243 |
| Top 10 Weight | 42.8%Best | 43.3% |
| Fund Family | Themes ETFs | Formidable Funds |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Blend |
| Inception | Sep 11, 2024 | Jul 21, 2021 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 78 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. HWAY has data through Jul 28, 2026 and KONG through Oct 14, 2026.
Volatility and max drawdown, and the $10,000 over 1.9 years row, are measured over the window both funds cover: Sep 12, 2024 to Jul 28, 2026 (1.9 years).
Risk: Volatility and Drawdowns
HWAY has been the more volatile fund, with annualized monthly volatility of 21.0% compared with 9.2% for KONG. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -25.8% for HWAY and -15.5% for KONG. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HWAY charges 0.29% per year while KONG charges 0.89%. On a $10,000 position that is $29 vs $89 annually, a gap of $60 per year that compounds over a long holding period. On income, HWAY currently yields 1.05% against 0.34% for KONG.
Holdings Overlap
8.2% of HWAY's money is in holdings KONG also owns. 13.3% of KONG's money is in holdings HWAY also owns.
KONG and HWAY share little of their money.
The two holdings books were reported 50 days apart, HWAY as of Jul 27, 2026 and KONG as of Sep 15, 2026, so some of the difference between them is the time between the two reports rather than the funds.
4 positions in common, counted across the 99 positions we hold weights for in HWAY and 34 in KONG, against full books of 197 and 106.
What only one of them owns
Our book lists 30 positions for KONG that do not appear in our book for HWAY (87.7% of the fund), and 93 for HWAY that do not appear in KONG (86.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of HWAY and KONG you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HWAY or KONG?
HWAY has an expense ratio of 0.29% while KONG charges 0.89%. HWAY is the cheaper option, by $60 a year on a $10,000 investment.
Which is riskier, HWAY or KONG?
HWAY has been the more volatile fund at 21.0% annualized versus 9.2% for KONG. Worst drawdown: HWAY -25.8% vs KONG -15.5%.
Should I hold both HWAY and KONG?
HWAY and KONG have a monthly-return correlation of 0.75, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between HWAY and KONG?
13.3% of KONG's money is in holdings HWAY also owns. 13.3% of KONG's is in holdings HWAY also owns. They hold 4 positions in common, counted across the 99 positions we hold weights for in HWAY and 34 in KONG.
Which pays a higher dividend, HWAY or KONG?
HWAY yields 1.05% while KONG yields 0.34%, so HWAY currently pays the higher dividend yield.
Is KONG better than HWAY?
HWAY has a lower expense ratio. HWAY led over 1Y and the full window. HWAY is less concentrated, with 42.8% of the fund in its ten largest positions against 43.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.